Mirattery, the battery asset operator serving NIO Inc (NYSE: NIO, HKG: 9866), said on December 26, 2025, that it has completed a cumulative Series C equity financing totaling nearly 1 billion CNY (c. $142.7 million). The announcement expands upon the 670 million CNY (c. $95.6 million) Series C round the company first disclosed on November 3, 2025.

The company said the financing includes additional contributions from its founding shareholders as well as the two state-owned capital investors introduced in November. These two shareholders are Haining Economic Development Zone Industrial Park Development & Construction Co. and Hainan Chengmai Development Holding Group Co.

On December 26, Mirattery added that a state-owned enterprise from Dongpo District in Meishan, Sichuan, has also joined as a new investor, broadening the state capital involvement in its asset-heavy battery operations.

Mirattery said the proceeds will be deployed across battery asset investment, commercialization of industrial research outcomes, and further expansion of its research and development activities. The company added that the new investors increase the financial and resource support available as it scales battery asset management and application-layer technology.

Founded on August 18, 2020, Mirattery was established jointly by CATL, Nio, Guotai Junan, and Hubei Science Technology Investment. The company manages the battery assets tied to Nio’s Battery-as-a-Service (BaaS) model, which Nio launched in August 2020. Under BaaS, customers buy a vehicle without owning the battery and lease the pack through Mirattery, enabling subscription-based upgrades and standardized swap-station operations across the NIO network.

Mirattery reported that its managed battery assets now exceed 35 GWh, covering more than 500,000 users. As of November 2025, the company has filed 181 patent applications, with more than 85% associated with battery technology. These filings indicate ongoing work on asset-tracking, pack lifecycle management, and optimization algorithms that sit behind Nio’s high-utilization battery swap system.

The December announcement did not include further commercial figures or revenue metrics. However, the scale of assets under management suggests that Mirattery’s operating footprint has grown in parallel with NIO’s swap-station network, which requires high-turnover pack availability, real-time diagnostics, and multi-shift energy storage logistics.

State-owned capital participation may create additional regional support for swap-station deployments, given that many stations are located on public land or at transport nodes supervised by local authorities.

Technical details of Mirattery’s battery systems were not included in the published statements, though earlier disclosures from the company indicate patent activity focused on pack health evaluation, cross-pack balancing, and charging-schedule optimization—key inputs for battery swapping, where packs rotate through fast-charge cycles at centralized stations rather than inside user vehicles.

Mirattery’s financing adds to the list of capital-intensive projects in China’s energy-storage and EV-infrastructure sector. With battery swap’s economics depending on utilization density and asset longevity, questions remain about scale thresholds and how regional policy support will affect deployment.

The entrance of Meishan’s state capital introduces another local stakeholder into the model, raising interest in whether other provincial investors will follow similar strategies as swap coverage expands.

Conversion rate: 1 USD = 7.006 CNY as of December 26, 2025